In a simple prime-target visual rhyming paradigm, pairs of words, nonwords, and single letters elicited similar event-related potential (ERP) rhyming effects in young adults. Within each condition, primes elicited contingent negative variation (CNV) while nonrhyming targets elicited more negative waveforms than rhyming targets within the 320-500 ms (N400/N450) time window. The target rhyming effect, apparently primarily an index of phonological processing, was similar across conditions but tended to be smaller in mean amplitude for letters. One of the first reports of such a letter rhyming effect in the ERP literature, these findings could be important developmentally because letter rhyme tasks simultaneously index the two best predictors of ease of learning to read: letter name knowledge and phonological awareness.